"We’ve introduced this at a time when buyers are looking for flexibility to ensure they can secure their new home in an affordable way"
- Jan Quarrington - Principality Building Society
Principality Building Society has announced that it has launched a new Shared Ownership product, available exclusively through mortgage brokers and offered across England and Wales on new and pre-owned homes.
The introduction of Shared Ownership meets the needs of first-time buyers, a key group for Principality as it looks to grow the number of homeowners taking their first steps onto the property ladder.
There is a growing demand for new affordable homes for buyers. National House Building Council recently reported 133,213 new homes were completed in 2023, decreasing 12% from 2022 (151,308). Of this figure, 45,649 new homes were completed in the rental and affordable sector, up 10% on 2022.
Launching a new Shared Ownership mortgage further strengthens Principality’s commitment to Housing Associations following significant investment into numerous schemes across Wales & including Pobl, Cardiff Community Housing Association, Hafod Housing Association and Bro Myrddin Housing Association.
The key features of Principality’s Shared Ownership mortgages are:
· lending up to 95% on houses and 90% on flats on between 25% and 75% of the property value;
· available in England and Wales; and
· on new homes, the mortgage offer is valid for up to 16 months
Jan Quarrington, Senior Portfolio Manager comments: "We’re delighted to be introducing Shared Ownership to clients across England and Wales.
"We’ve introduced this at a time when buyers are looking for flexibility to ensure they can secure their new home in an affordable way. Any prospective buyers should contact their local mortgage broker for more information on our Shared Ownership mortgages."
